Do you love Proof-of-Stake (Pos) coins but hate having to run a bunch of different wallets? Do you love ERC20 tokens and MyEtherWallet (Mew)? Well then I have the perfect new token for you!
What Is PoSToken?
PoSToken is the world’s first Proof-of-Stake smart contract token on Ethereum platform. It’s based on the ERC20 Token Standard and implements all standard methods. As an Ethereum token, PoSToken first implements the Proof-of-Stake mechanism, meaning that holders of PoSToken can earn some extra tokens just by holding PosToken for a period of time, greater than or equal to The Minimum Coin Age.
More importantly they are trying to create a new standard for all future PoS smart contracts. They don’t want to simply launch a PoS token on the Ethereum blockchain and be done with it. They want to improve the future of all ERC20 smart contracts.
This Sounds Awesome! But What is Proof-of-Stake?
Proof of Stake (PoS) concept states that a person can mine or validate block transactions according to how many coins he or she holds. So the more PoSToken you hold, the more likely you are to forge or mint new tokens. Typically new tokens are the fees associated with that coin (or in this case – token).
Why Use PoS?
Mining requires a great deal of computing power to run different cryptographic calculations to unlock the computational challenges. The computing power translates into a high amount of electricity and power needed for the proof of work. In 2015, it was estimated that one Bitcoin transaction required the amount of electricity needed to power up 1.57 American households per day. To foot the electricity bill, miners would usually sell their awarded coins for fiat money, which would lead to a downward movement in the price of the cryptocurrency.
The proof of stake (PoS) seeks to address this issue by attributing mining power to the proportion of coins held by a miner. This way, instead of utilizing energy to answer PoW puzzles, a PoS miner is limited to mining a percentage of transactions that is reflective of his or her ownership stake. For instance, a miner who owns 3% of the Bitcoin available can theoretically mine only 3% of the blocks.
How Can I Get My Hands On PoSToken?
There is currently an Airdrop going so you can easily and automaticall get PosToken directly to your Ether Wallet. Just sign up here
If you still want even more tokens be sure to check out their bounties on the ANN thread that I linked to above.
How Much Does PoSToken Cost?
It’s free! As stated above, just simply sign up for the airdrop
They will not being having an ICO, you can only receive tokens through the Aidrop.
PoSToken Technical Specifications
Max Total Supply: 10M
Initial Supply: 1M
Min Coin Age: 3 Days
Max Coin Age: 90 Days
1st Year Interest: 100%
2nd Year Interest: 50%
3rd – 15th Year Interest: 10%